I heard a couple of years ago about the average age of a second-home owner. It was 41-44 years old which is younger than I thought.

The second homes were also within a 2 hour drive of the primary residence. The reason being that alot of people who are owners are still working. Here’s the interesting thing about second home mortgages.

If you’re looking at buying, mortgage interest rates should be virtually the same if you can put 20% down and your credit is good. With interest rates hovering between 5.375 – 5.5% today on a 30 year fixed mortgage, you may be a candidate for a second place.

Especially since prices have moderated substantially. Obviously, most people buy a second place to unwind and enjoy with family and friends.